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Goldstar raises $3 million to put Eureka on fast track

WEST Perth-based gold explorer Goldstar Resources NL has raised $3 million through a share purchase plan, which it says it will use to fast track its Eureka gold prospect towards early production. The plan, which was fully underwritten by Australian broking firm, Tolhurst Noall Ltd, sought to provide an opportunity for existing shareholders to participate in the capital raising at the same price as the $10 million institutional share placement concluded in December. Goldstar shareholders subscribed for a total of approximately 2.1 million shares under the plan, raising about $1.34 million. Under the underwriting agreement, Tolhurst placed a total of about 2.5 million shares with clients and sub-underwriters, raising a total of approximately $1.66 million. The plan concludes a $13 million capital raising and increases the company’s available cash resources to about $17million, which Goldstar intends to fund an acceleration of its 2007 work program at the Walhalla Gold Project in Victoria. Goldstar said the capital raising had resulted in the introduction of a number of strategic new institutional investors from both Australia and overseas. It said the capital raising would ensure that the company was fully funded through to commencement of development of the key Eureka Project during 2007.

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